|
Report Date : |
20.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
MASOOD FABRICS LIMITED |
|
|
|
|
Registered Office : |
Mehr Manzil Lohari Gate, Multan |
|
|
|
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Country : |
Pakistan |
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|
|
|
Financials (as on) : |
30.06.2013 |
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|
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Date of Incorporation : |
12.05.1988 |
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|
|
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Com. Reg. No.: |
0039082 |
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|
|
Legal Form : |
Public Limited Company |
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|
|
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Line of Business : |
Manufacturing of Fabric- Weaving |
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|
|
|
No. of Employees : |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
No complaints |
|
Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
Pakistan |
B2 |
B2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
PAKISTAN - ECONOMIC
OVERVIEW
Decades of internal political disputes and low levels of foreign investment have led to slow growth and underdevelopment in Pakistan. Agriculture accounts for more than one-fifth of output and two-fifths of employment. Textiles account for most of Pakistan's export earnings, and Pakistan's failure to expand a viable export base for other manufactures has left the country vulnerable to shifts in world demand. Official unemployment is under 6%, but this fails to capture the true picture, because much of the economy is informal and underemployment remains high. Over the past few years, low growth and high inflation, led by a spurt in food prices, have increased the amount of poverty - the UN Human Development Report estimated poverty in 2011 at almost 50% of the population. Inflation has worsened the situation, climbing from 7.7% in 2007 to almost 12% for 2011, before declining to 10% in 2012. As a result of political and economic instability, the Pakistani rupee has depreciated more than 40% since 2007. The government agreed to an International Monetary Fund Standby Arrangement in November 2008 in response to a balance of payments crisis. Although the economy has stabilized since the crisis, it has failed to recover. Foreign investment has not returned, due to investor concerns related to governance, energy, security, and a slow-down in the global economy. Remittances from overseas workers, averaging about $1 billion a month since March 2011, remain a bright spot for Pakistan. However, after a small current account surplus in fiscal year 2011 (July 2010/June 2011), Pakistan's current account turned to deficit in fiscal year 2012, spurred by higher prices for imported oil and lower prices for exported cotton. Pakistan remains stuck in a low-income, low-growth trap, with growth averaging about 3% per year from 2008 to 2012. Pakistan must address long standing issues related to government revenues and energy production in order to spur the amount of economic growth that will be necessary to employ its growing and rapidly urbanizing population, more than half of which is under 22. Other long term challenges include expanding investment in education and healthcare, adapting to the effects of climate change and natural disasters, and reducing dependence on foreign donors
|
Source
: CIA |
MASOOD FABRICS
LIMITED (MFL)
|
Business Name |
MASOOD FABRICS LIMITED |
|
Address |
Registered Address: Mehr Manzil Lohari Gate, Multan Inquiry Address: Corporate Branch Abdali Road, Multan |
|
Telephone |
(+92) (61) 4511158-59 (+92) (61) 111-181-181 |
|
Fax |
(+92) (61) 4511262-4549711 |
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|
|
|
Website |
|
|
Business activities |
Manufacturing of Fabric- Weaving |
Registry Details
|
CRO Registration Number |
0039082 |
|
Date of Registration |
May 12, 1988 |
Other registry &
certification details:
|
Current Legal Form |
Public Limited Company |
|
National Tax Registration Number |
1417347-6 |
|
Date of Registration |
April 18, 2008 |
|
GST Registration Number |
0407590700282 |
|
Date of Registration |
August 12, 1998 |
|
Chamber of Commerce & Industry |
Undetermined |
|
ISO Certification |
None |
Capital
|
Type |
No. of Shares |
Par Value |
Total Value |
|
Authorized |
15,000,000 |
10 |
150,000,000 |
|
Issued, Subscribed & Paid-Up |
11,000,000 |
10 |
110,000,000 |
History
|
Who started |
Undetermined |
|
When started |
May 12, 1998 |
|
Change in management |
None |
|
Year of change |
N/A |
|
Change in legal status |
None |
|
Year of change |
N/A |
|
Change in business name |
None |
|
Year of change |
N/A |
|
Name |
Number of Shares |
Nationality |
Appointment Date
(Last) |
|
Kh. M. Jalaluddin Roomi |
2,010,681 |
Pakistani |
September 24, 2008 |
|
Kh. Muhammad Masood |
1,917,000 |
Pakistani |
September 24, 2008 |
|
Kh. Muhammad Ilyas |
1,730,681 |
Pakistani |
September 24, 2008 |
|
Kh. Muhammad Younas |
1,725,681 |
Pakistani |
September 24, 2008 |
|
Kh. Muhammad Iqbal |
1,370,181 |
Pakistani |
September 24, 2008 |
|
Mrs. Rubina Younas |
100,000 |
Pakistani |
September 24, 2008 |
|
Kh. Muhammad Mehr Ali |
60,000 |
Pakistani |
September 24, 2008 |
Other Share Holders
|
S. No. |
Name |
No of Shares |
|
1 |
Mst. Khadija Qureshi |
180,000 |
|
2 |
Mrs. Bilqes Akhtar |
100,000 |
|
3 |
Mrs. Rehana Kausar |
528,592 |
|
4 |
Mrs. Ghulam Zahra |
718,292 |
|
5 |
Mr. Muhammad Muzaffar Iqbal |
149,800 |
|
6 |
M/s Mehmood Cotton Ginning Oil Mills (Pvt.) Ltd |
300,000 |
|
7 |
Mr. Muhammad Mohsin Masood |
100,000 |
|
8 |
Mrs. Shafique Zahra |
9,092 |
|
Name |
Position in organization |
Qualification |
Years in employment |
|
Mr. Kh. Muhammad Illyas |
C.E.O |
Undetermined |
Undetermined |
|
Mr. Sheikh Javed Anjum |
Company Secretary |
Undetermined |
Undetermined |
|
Statutory offices |
Name of service
provider |
|
Statutory
Auditors |
M/s M. Yousaf Adil Saleem & Co. Chartered Accountants (Deloitte Touche Tohmatsu Limited) |
|
Legal
Advisory Services |
Mr. Malik Allah Ditta Sabir (Legal Advisor) |
|
Bank name |
Approved financing limits PKR |
|
MCB Bank Limited |
860,000,000 |
|
Meezan Bank Limited |
534,000,000 |
|
United Bank Limited |
534,000,000 |
|
Faysal Bank Limited |
400,000,000 |
|
Allied Bank Limited |
267,000,000 |
|
Habib Bank Limited |
145,000,000 |
|
Bank Al- Habib Limited |
140,000,000 |
|
Bank Al-Falah Limited |
134,000,000 |
|
National Bank Of Pakistan |
134,000,000 |
The core business focus of M/s Masood Fabrics Limited is Manufacturing & Export of Grey Cloth (Weaving Unit).
Purchases (Incl.
Imports)
|
Imports from |
None |
|
Importing terms |
N/A |
|
Local % |
Not Disclosed |
|
Local buying terms |
Undetermined |
Sales (Incl. Exports)
|
Exports to |
Japan, Middle East, Germany, Italy, South Korea |
|
Exporting terms |
LC Basis |
|
Local |
Not Disclosed |
|
Local selling terms |
Undetermined |
|
Nature of
employment |
Current Year |
Previous Year |
|
All Staff |
Not Disclosed |
Not Disclosed |
|
Total |
Not Disclosed |
|
|
Head Office Address Owned / Rented Area (approx) |
Mehr Manzil Lohari Gate, Multan Undetermined Undetermined |
|
Factory Address Owned / Rented Area (approx) |
4th K.m, Multan Road, Kabirwala Undetermined Undetermined |
Three Suppliers
& Competitors were contacted to get a feedback about M/s Masood Fabrics Limited.
All the feedback was found Satisfactory and no disputes or untoward events
including complaints about quality of products were reported/ identified during
inquiry. We further came to know that subject holds a very good market share
and the company has a very good market standing.
|
Business Name |
City |
Line of Business |
Percentile of
Shareholding |
|
M/s Mahmood
Textile Mills Limited |
Multan |
Textile Mills |
None Reported |
|
M/s Masood Spinning
Mills Limited |
Multan |
Spinning Unit |
None Reported |
|
M/s Mahmood Power
Generation Ltd |
Multan |
Power Generation |
None Reported |
|
M/s Roomi Fabrics
Limited |
Multan |
Weaving Unit |
None Reported |
|
M/s Khawaja
Tanneries (Pvt.) Limited |
Multan |
Leather Tanneries |
None Reported |
|
M/s Roomi
Enterprises (Pvt.) Limited |
Multan |
Trading Concern |
None Reported |
|
M/s Roomi Foods
(Pvt). Limited |
Multan |
Manufacturing
& Trading |
None Reported |
|
M/s Multan Fabrics
(Pvt.) Limited |
Multan |
Textile Mills |
None Reported |
|
M/s Khawaja
Muzaffar Mehmood Muhammad Masood cotton Ginning |
Multan |
Cotton Ginning |
None Reported |
|
Particulars |
30-Jun-13 |
30-Jun-12 |
% Change |
|
|
|
|
|
|
Current assets |
2,011,737,644 |
1,544,557,559 |
30.25 |
|
Current liabilities |
1,568,908,950 |
1,600,996,290 |
-2.00 |
|
Working capital |
442,828,694 |
-56,438,731 |
884.62 |
|
|
|
|
|
|
Non-current assets |
2,753,706,223 |
2,689,672,723 |
2.38 |
|
Long term liabilities |
765,537,732 |
864,172,578 |
-11.41 |
|
Net worth |
1,988,168,491 |
1,825,500,145 |
8.91 |
|
|
|
|
|
|
Turnover |
6,492,474,764 |
5,997,611,428 |
8.25 |
|
Gross Profit |
758,315,527 |
555,392,093 |
36.54 |
|
EBIT |
|
|
|
|
Profit / (Loss) before tax |
735,907,553 |
288,946,613 |
154.69 |
|
Taxation |
82,648,833 |
64,745,565 |
27.65 |
|
Profit / (Loss) after tax |
653,258,720 |
224,201,048 |
191.37 |
|
|
|
|
|
|
Creditors |
254,733,778 |
212,819,704 |
19.69 |
|
Debtors |
495,192,160 |
302,225,264 |
63.85 |
|
Cash & bank
balances |
1,651,2i31 |
1,410,153 |
17.10 |
|
|
|
|
|
|
Growth trend |
|
|
|
|
Sales growth (%) |
8.25% |
|
|
|
Gross profit growth (%) |
36.54% |
|
|
|
|
|
|
|
|
Solvency |
|
|
|
|
Current ratio |
1.282 |
0.964 |
|
|
Quick ratio |
0.663 |
0.410 |
|
|
Total liabilities to net worth ratio (%) |
21.222 |
22.410 |
|
|
|
|
|
|
|
Profitability |
|
|
|
|
Return on sales (%) |
0.100 |
0.037 |
|
|
Return on net worth (%) |
5.938 |
2.038 |
|
|
|
|
|
|
|
Contact person |
Mr. Javed Anjum |
|
Position |
Company Secretary |
|
Contact Person Comments |
The contact person was reluctant to provide the business information. |
|
Observation |
MFL is considered as one of the leading fabric company of the country and the local market. The office was well built with all the facilities required for this kind of business. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.35 |
|
|
1 |
Rs.100.21 |
|
Euro |
1 |
Rs.83.52 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIS |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall
operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history (10%) Market trend (10%) Operational size
(10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.